Bosh was an 11-time All-Star and left Toronto after seven seasons to join the Heat in 2010. Alongside Dwyane Wade and LeBron James, Bosh helped the Heat win NBA championships in 2012 and 2013.

Bosh, 33, played in just 44 games during the 2014-15 season and only 53 games over the 2015-16 season because of blood clots in his lungs. He was not cleared to play last season and his career is likely over. Waiving the 6-11 center frees up about $25 million in salary cap space.

"Chris changed his life and basketball career when he came to Miami," Riley stated. "And he changed our lives for the better, in a way we never would have imagined, when he joined the Miami Heat. We will forever be indebted to CB for how he changed this team and led us to four trips to the NBA Finals and two NBA Championships."